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Smooth economic analysis for general spaces of commodities

  • Accinelli, Elvio
  • Covarrubias, Enrique

This paper provides an extended framework to study general equilibrium theory with commodity spaces possibly of infinite dimensions. Our approach overcomes some difficulties found in the literature since it allows the study of the equilibrium when consumption sets may have an empty interior. It also overcomes the need for separable utilities or utilities that satisfy quadratic concavity. The results are based on restricting the mathematical notions of open neighborhoods, continuity, and derivatives at a point, to only those directions that lie within the positive cone. We prove in this setting ``directional'' equivalents of the Sard-Smale and Preimage Theorems. With these tools, we define the social equilibrium set and show that it is a directional Banach manifold. Together with a suitable definition of projection map, this framework allows a natural equivalent to infinite dimensions of the ``catastrophic'' approach to general economic equilibrium.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 53222.

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Date of creation: Jan 2014
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Handle: RePEc:pra:mprapa:53222
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  1. Chris Shannon and William R. Zame., 1999. "Quadratic Concavity and Determinacy of Equilibrium," Economics Working Papers E99-271, University of California at Berkeley.
  2. Accinelli, Elvio, 2013. "The equilibrium set of infinite dimensional Walrasian economies and the natural projection," Journal of Mathematical Economics, Elsevier, vol. 49(6), pages 435-440.
  3. Timothy J Kehoe & David K Levine, 1985. "Comparative Statics and Perfect Foresight in Infinite Horizon Economies," Levine's Working Paper Archive 1873, David K. Levine.
  4. Balasko, Yves, 1997. "The natural projection approach to the infinite-horizon model," Journal of Mathematical Economics, Elsevier, vol. 27(3), pages 251-263, April.
  5. Chichilnisky, G. & Zhou, Y., 1996. "Smooth Infinite Economies," Discussion Papers 1996_14, Columbia University, Department of Economics.
  6. Enrique Covarrubias, 2007. "Regular Infinite Economies," Levine's Working Paper Archive 843644000000000034, David K. Levine.
  7. Covarrubias, Enrique, 2011. "The equilibrium set of economies with a continuous consumption space," Journal of Mathematical Economics, Elsevier, vol. 47(2), pages 137-142, March.
  8. Elvio ACCINELLI & Puchet MARTIN, . "A Classification Of Infinity Dimensional Walrasian Economies," EcoMod2005 280900000, EcoMod.
  9. Elvio Accinelli, 2003. "About manifolds and determinacy in general equilibrium theory," Estudios de Economia, University of Chile, Department of Economics, vol. 30(2 Year 20), pages 169-177, December.
  10. Bewley, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," Journal of Economic Theory, Elsevier, vol. 4(3), pages 514-540, June.
  11. Balasko, Yves, 1997. "Pareto optima, welfare weights, and smooth equilibrium analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 21(2-3), pages 473-503.
  12. Balasko, Yves, 1997. "Equilibrium analysis of the infinite horizon model with smooth discounted utility functions," Journal of Economic Dynamics and Control, Elsevier, vol. 21(4-5), pages 783-829, May.
  13. Timothy J. Kehoe & David K. Levine & Andreu Mas-Colell & William Zame, 1989. "Determinacy of Equilibrium in Large Square Economies," Levine's Working Paper Archive 46, David K. Levine.
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